Renewable power seems all set to take off the world with its recent developments. A recent report from the McKinsey Global Institute projects that renewable sources like, solar and the wind, would reportedly rise from 4% of global power generation to nearly 36% by 2035. The electricity markets are expected to stand reshaped in this process.
There are plenty of recent developments which are noteworthy, like solar-power capacity auctions at record low levels, the falling costs of renewable energy which includes $0.039/kwh in the United States, $0.053/kwh in India, $0.024/kwh in Abu Dhabi, $0.035/kwh in Mexico, and $0.029/kwh in Chile. Apart from these, the job category of the wind-turbine service engineer in the US is reportedly growing fast with a median pay of nearly $51,050 per year.
It is reported that China would shut around 85 coal plants in January and invest around $350 billion in the renewable energy. Globally, a tipping point is predicted by experts around 2025. This would occur with the solar photo-voltaic (PV) and wind power becoming competitive with the marginal cost of natural gas and coal production seen accelerating during the transition. It is also expected to see an acceleration in growth rates in the renewable power deployment as a correlated effect.
McKinsey executives recently reiterated that the renewable power is fast approaching a tipping point in the context of its development. This can be attributed to technological advances like robotics, data analytics, and the Internet of Things contributing to the rising global energy productivity. In the coming decades, there could also be a decline in the global demand for oil and coal, which would be featured with regional differences.
Renewable energy like solar and wind started shaping in 2003-2015 and was considered as good alternatives to high-priced oil. The total worldwide solar generation featured around 50% annually, since 2001, and the wind-power generation has seen an annual rate of 24%.
The Government policy featuring diversification of energy sources seem complimented by falling technology costs. This has featured acceleration in the deployment of renewables. Since 2008, the cost of solar power modules has reduced by 80%, while cost of wind power has fallen by 50% since 2009. In some regions, renewables are competing without subsidies with coal and gas.
We are in an era where innovative technologies are helping store energy in a cost-effective way. It is the upsurge of technological developments which can augment the innovation and performance of renewable energies in the coming decades.